THE LITTLE ART SCHOOL COMPANY LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
Company Registration No. SC467167 (Scotland)
THE LITTLE ART SCHOOL COMPANY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
THE LITTLE ART SCHOOL COMPANY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,290
6,796
Current assets
Stocks
730
500
Debtors
800
1,301
Cash at bank and in hand
16,327
9,328
17,857
11,129
Creditors: amounts falling due within one year
3
(38,729)
(27,631)
Net current liabilities
(20,872)
(16,502)
Total assets less current liabilities
(15,582)
(9,706)
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(15,682)
(9,806)
Shareholders' funds
(15,582)
(9,706)
For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 31 October 2016
Mrs J Robinson
Director
Company Registration No. SC467167
THE LITTLE ART SCHOOL COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Going concern
The directors have indicated their willingness to continue their financial support of the company. For this reason the going concern basis has been adopted for the preparation of the accounts for the period ended 31 January 2016.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Tenant's improvements
33.3% straight line
Computer equipment
20% straight line
Fixtures, fittings & equipment
20% reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2015
8,146
Additions
196
At 31 January 2016
8,342
Depreciation
At 1 February 2015
1,350
Charge for the year
1,702
At 31 January 2016
3,052
Net book value
At 31 January 2016
5,290
At 31 January 2015
6,796
THE LITTLE ART SCHOOL COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £347).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100